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CBA Sends Letter to Congress in Support of Bill That Could Streamline Banking

Washington, D.C.– The Consumer Bankers Association (CBA) today sent a letter to members of Congress, applauding them for re-introducing H.R. 1457, the Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2016. Led by Representatives Scott Tipton (CO-3), Randy Hultgren (IL-14), Patrick McHenry (NC-10), David Scott (GA-13), Terri Sewell (AL-7), and Krysten Sinema (AZ-9), the MOBILE Act would provide the opportunity for consumers to open bank accounts without having to visit a branch while maintaining safety and soundness.

“Every sector of the economy is undergoing a digital transformation, and banking is no different. To best serve customers, banks must be able to adapt to the changing times and innovate,” said CBA’s President and CEO Richard Hunt.

“We applaud Representatives Tipton, Hultgren, McHenry, Scott, Sewell, and Sinema for introducing bipartisan legislation to give consumers the ability to open a new bank account online or through a mobile device. We urge Congress to move swiftly in advancing the MOBILE Act.”

What does the Mobile Act do?

The act would allow consumers to open bank accounts without having to visit a branch, streamlining the process for millions of Americans regardless of the state in which they live. While making the account opening process easy and digital, the proposed legislation also ensures consumers would continue to be protected under the participating bank’s identity theft and financial fraud policies.

CBA member banks are among the nation’s most innovative financial institutions who keep consumers and their financial well-being top-of-mind. In addition, several banks participate on CBA’s Digital Channels Committee, helping ensure the industry receives guidance and input on policies capable of building an atmosphere conducive for retail banking product innovation.

The Consumer Bankers Association is the only national trade focused exclusively on retail banking. Established in 1919, the association is now a leading voice in the banking industry and Washington, representing members who employ nearly two million Americans, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans.